Mexico and Brazil to compete in oil auctions

Brazil and Mexico are preparing to compete for investments from some of the same oil majors when they hold auctions that are only a week apart at a time the price rout is prompting spending cuts.

Royal Dutch Shell Plc, Statoil ASA and Cnooc Ltd. have registered to compete for the next auctions in both Mexico and Brazil, scheduled for Sept. 30 and Oct. 7, respectively. Mexico has already sweetened terms for producers after the country’s first-ever auction on July 15 only drew bids for two of the 14 blocks for sale.



Source: Bloomberg